Car Insurance skyrocketing

[MossRoad]

...His employees thanked me for wrecking it.

 

[Hay Dude]

I just got a letter stating my minimum deductible is now $2,500.
Previously it was $1,000.

I bet my premiums didn’t go down a penny.

 

[CliffordK]

This must be why I've driven well over two millon miles without an at fault accident. (It's probably been twice that in my life)This reminds me of a conversation I had at the dinner table in a logging camp; the guy sitting across from me said that statistically speaking, people have an accident every 3 years. Then he said "I've had 3 this year."
I looked at the guy sitting next to me and said "it looks like he's already taken care of yours and mine."

Insurance rates are based on statistics. The question a few posts back was related to EVs and Hybrids having higher accident rates, and my hypothesis was that they spent more time on the road than the average non-hybrid.

Truckers and Hot Shots have unique issues. But they also have a lot of experience from having a lot of time on the roads.

The curve for accident risk is likely very non-linear for people driving 5K miles a year, 1K miles, 20K miles, or 100K+ miles annually. Yet, those with higher miles also have more overall exposure.

Yet, there are likely some drivers that are far safer than others, and they all pay the same rates.

 

[Hay Dude]

Here’s a letter I just received that my homeowners is going up even more.

Im paying $500/month for homeowners now. I paid $180/month when I purchased this home in 2010.

250% increase in 14 years.

My homes value and belongings inside is up about 80-100%.

 

[LittleBittyBigJohn]

Holy Crap! I'm paying $800 per YEAR on the house I just built! That is about what I'll pay for taxes though...

 

[ultrarunner]

Afraid to open the mail because many I know are being non renewed...

The industry is shedding many California policy holders.

Nothing new as one of my best insurance companies was Fireman's Fund and they pulled out decades ago.

 

[jyoutz]

Here’s a letter I just received that my homeowners is going up even more.

View attachment 860049


Im paying $500/month for homeowners now. I paid $180/month when I purchased this home in 2010.

250% increase in 14 years.

My homes value and belongings inside is up about 80-100%.

Wow. That’s crazy expensive. My homeowners policy with Allstate is $1500/year for house and large barn outbuilding. Maybe time to shop other companies?

 

[Hay Dude]

Wow. That’s crazy expensive. My homeowners policy with Allstate is $1500/year for house and large barn outbuilding. Maybe time to shop other companies?

I have shopped it around and they are not the cheapest, but offer excellent coverage & service. There was nothing that offered much savings.
We only have a few remaining companies in PA that insure farmers or farms

 

[jyoutz]

I have shopped it around and they are not the cheapest, but offer excellent coverage & service. There was nothing that offered much savings.
We only have a few remaining companies in PA that insure farmers or farms

I guess your policy must include equipment also? Mine is just structures.

 

[Hay Dude]

I guess your policy must include equipment also? Mine is just structures.

Nope.
Just my farm home and belongings inside.

 

[jyoutz]

Nope.
Just my farm home and belongings inside.

Wow

 

[riptides]

Here’s a letter I just received that my homeowners is going up even more.

View attachment 860051


Im paying $500/month for homeowners now. I paid $180/month when I purchased this home in 2010.

250% increase in 14 years.

My homes value and belongings inside is up about 80-100%.

That suks.

At least my carrier gave me a reason in my more than doubled premium a few years ago.

And, is your house really classified as being on a farm? As you eluded to in a later post?

Is that a difference maker between you and the insurance company?

Farm with home? vs Home

 

[mjonesnh]

WOW! I was complaining at 1200 for homeowners after a 21,000 claim last year. Turns out I have nothing to fuss about

 

[CloverKnollFarms]

Here’s a letter I just received that my homeowners is going up even more.

View attachment 860051


Im paying $500/month for homeowners now. I paid $180/month when I purchased this home in 2010.

250% increase in 14 years.

My homes value and belongings inside is up about 80-100%.

Holy cow. Ours, which includes the 40x60 shop and 30x30 detached garage, is $800/yr!!!

 

[5030]

Keeping pace with inflation and the devaluing dollar.

 

[Hay Dude]

Mine includes a barn & shop, too.
I called & b*tched. Guy told me it’s all based off replacement value.

I’m in the process of selling my home, so maybe a ”change will do me good”.

 

[Hay Dude]

Wow

Yep, so that along with fuel, food, parts and just about everything else is why I have grounds to complain about the way the economy is currently being handled.

It sucks.

 

[WM75Guy]

We pay $6,500/yr for our AgAdvantage policy with Texas Farm Bureau. Due to the high cost of building in East Texas (their explanation), the 3200 sq ft house, 1800 sq ft stables, 2400 sq ft shop, and 1200 sq ft carport are valued at almost $1,000,000 replacement value. Plus, I have all the tractors, implements, lawn mowers, and trailers covered under it.

 

[Joel/ak]

Pay 6K a year for 3 vehicles/ 2 drivers (full coverage) and the house.

Asked why house so much and since it's a brick house, more expensive to replace.

My state farm guy is a real nice guy. Small town.

Wife ran into a tree in our yard (don't ask, yes she was sober)and the insurance guy said it sounds like she was attacked by a maple, act of nature. $100 deductible

 

[ultrarunner]

Big shakeout here regarding insurance brokers... plenty of customers but can't keep the doors open without product to sell.

Insurance heavily advertised the warm and fuzzy peace of mind and turns out nothing but smoke and mirrors... my "Good Neighbors" don't cut and run...

Maybe Fire Insurance will go the way of Flood Insurance and be a government offering?

It's kind of like the time I wanted to add coverage for my work tools in the truck... $4000 coverage was $1500 extra per year... so three years without loss already would have paid to replace.

Only problem is for those that finance vehicle or home... insurance required as loan condition.